PANDA
ActivePANDA has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2k and a net result of €-18k. Equity is shrinking by ~8.8% per year across the filed fiscal years. Its solvency ranks better than 18% of 1602 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
2
/ 100
Critical▼ -26 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency4▼-47
Growth32=
Stability100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.17 against 0.56 in 2024), and 94.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
5.7%
Return on assets
-62.9%
Age of the figures
8 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€18k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 1602 sector peers (2025).
NBB · sector comparisonPosition among 1602 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
43 d late
2023
51 d late
2022
85 d late
2021
91 d late
2020
91 d late
2019
121 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
11-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€0
EBIT margin
Not included in this filing
Net result
€-18k▼ 167%
2024 · €-7k
2018: €-369
2019: €-3k
2020: €-3k
2021: €-983
2022: €-417
2023: €-1k
2024: €-7k
2018 → 2025
Working capital
€-23k▼ 66.5%
2024 · €-14k
2018: €32k
2019: €30k
2020: €4k
2021: €5k
2022: €12k
2023: €-14k
2024: €-14k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€29k-€28k▼ 1.5%€27k▼ 4.7%€20k▼ 25.6%€2k▼ 91.7%
Operating result€-622-€-26▲ 95.7%€525€-4k€-18k▼ 309%
Net result€-983-€-417▲ 57.6%€-1k▼ 217%€-7k▼ 421%€-18k▼ 167%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €18k in 2025 against €4k in 2024; the loss grows and 2025 is the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €29k
Fixed assets
€24k▼ 27.5%
Current assets
€5k▼ 72.2%
Equity and liabilities €29k
Equity
€2k▼ 91.7%
Debt
€28k▼ 10.5%
The debt ratio rises from 60.6% to 94.3%: equity shrinks faster than debt is paid down.
Key figures and ratios
EBITDA
€-9k▼
2024 · €6k
Cash flow
€-9k▼
2024 · €3k
Solvency
5.7%▼
2024 · 39.4%
Current ratio
0.17▼
2024 · 0.56
Quick ratio
0.17▼
2024 · 0.56
Debt / equity
16.59▲
2024 · 1.54
ROE
-1107.1%▼
2024 · -34.3%
ROA
-62.9%▼
2024 · -13.5%
Interest coverage
-40.65▼
2024 · 2.45
Debt
€28k▼
2024 · €31k
Debt ≤ 1 year
€28k▼
2024 · €31k
Income taxes
€125▼
2024 · €174
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€51k€29k▼
Fixed assets21/28€34k€24k▼
Tangible fixed assets22/27€34k€24k▼
Furniture and vehicles24€34k€24k▼
Current assets29/58€17k€5k▼
Amounts receivable within one year40/41€3k€3k▲
Trade receivables40€3k€2k▼
Other amounts receivable41-€564
Cash at bank and in hand54/58€13k€1k▼
Deferred charges and accrued income490/1€2k€370▼
Equity and liabilities
Total equity and liabilities10/49€51k€29k▼
Equity10/15€20k€2k▼
Contributions10/11€31k€31k=
Outside capital11€31k€31k=
Other1109/19€31k€31k=
Reserves13€3k€3k=
Non-distributable reserves130/1€3k€3k=
Reserves not available under the articles1311€3k€3k=
Profit (loss) carried forward14€-14k€-32k▼
Amounts payable17/49€31k€28k▼
Amounts payable within one year42/48€31k€28k▼
Trade debts44€4k€2k▼
Suppliers440/4€4k€2k▼
Advances received on contracts in progress46€997€997=
Taxes, remuneration and social security45€1k€918▼
Taxes450/3€1k€918▼
Other amounts payable47/48€25k€24k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€9k▼
Other operating charges640/8€456€563▲
Gross operating margin9900€6k€-8k▼
Operating profit (loss)9901€-4k€-18k▼
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€2k€216▼
Recurring financial charges65€2k€216▼
Profit (loss) for the period before taxes9903€-7k€-18k▼
Income taxes67/77€174€125▼
Profit (loss) for the period9904€-7k€-18k▼
Profit (loss) for the period to be appropriated9905€-7k€-18k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-14k€-32k▼
Profit (loss) brought forward from the previous period14P€-7k€-14k▼
The notes to these accounts (3 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet €-18k
Net result drops to €-18k, the lowest in the series.
12-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 43 days late
2024
20-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 51 days late
2023
24-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 85 days late
2022
30-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 91 days late
2021
30-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 91 days late
2020
29-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 121 days late
2019
08-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 69 days late
2018
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 92 days late
2017
25-10
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 86 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Burdinne · 1 establishment unit since 1995
Ground area
1,714 m²
Building footprint
71 m²
Volume, LiDAR
549 m³
Parcel 61010B0546/00F000, Wallonia · tallest building 8.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
PANDA SA
since 19952.043.408.532
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61010B0546/00F000 | Wallonia | 1,714 m² | 1 · 71 m² | 8.9 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,805 companies in sector 73110 we hold annual accounts for 3,724. 704 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded30-12-1988
Fiscal year end31-12
Activities, NACEBEL
73110Advertising agencies
74401
Sources
Crossroads Bank for EnterprisesNational Bank · 32 filingsAddress and cadastre registers
Data from official sources, last processed on 10-09-2026. Scores and ratios are computed by Checked and are not a credit decision.